The Netflix-competitor's cheapest subscription plan has been cut from $7.99 to $5.99 a month for new users' first year and jumps back to $7.99 after the introductory period. The offer, which began September 21, is only available to new subscribers until January 9, 2018.

The plan does include commercials, as Hulu's commercial-free option will remain $12 per month. The company told Newsweek this limited-time promotion has been done before to encourage subscriptions around the fall TV season, and is not intended to be a response to Netflix's recent price increase.

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Netflix revealed last Thursday it would raise the price for its Standard plan—which allows viewers to watch shows on two screens at once—from $9.99 to $10.99 a month. The price of the Premium plan—which offers high-resolution content as well as the option to watch on four screens—will jump from $11.99 to $13.99 a month.

Though the price drop may not be intended as a direct hit to Netflix, it does contribute to Hulu's growing credibility as a viable competitor to the pioneer streaming service. Hulu is coming off of five Primetime Emmy wins for its original series, The Handmaid's Tale.

Hulu's 'The Handmaid's Tale' took home five Primetime Emmys this year. Hulu

Netflix still leads the way with Emmy-winning original content, but Hulu has original series on the way. The highly anticipated Marvel's Runaways could rival Netflix's Marvel franchise this November. A new comedy, Future Man, boasts a well-known cast, including The Hunger Games' Josh Hutcherson. And J.J. Abrams's upcoming horror drama, Castle Rock, could entice Stephen King fans to get on board with Hulu.

While Netflix's content library continues to drop favorites like 30 Rock, Buffy the Vampire Slayer and Firefly, Hulu has been inking deals with 20th Century Fox to add nearly 3,000 episodes of various TV shows like How I Met Your Mother, Bones, Glee and more. The company also recently landed exclusive streaming rights to all episodes of 30 Rock, Parenthood, Boy Meets World and Home Improvement.

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